Digital asset investment funds saw net inflows of $441 million last week, reversing a three-week trend of outflows. Coin Share. Bitcoin (BTC-USD) accounted for the majority of inflows with $398 million, followed by Solana (Sol-USD) saw significant investment with an inflow of $16 million.
CoinShares suggested the inflow was due to investors seeking a buying opportunity after Mt. Gox and the German government sold off their crypto holdings, pushing down prices. However, blockchain stocks continue to struggle, having experienced an outflow of $8 million.
$1.38 billion worth of cryptocurrency stolen by hackers
In other news: TRM Lab It has been reported that $1.38 billion worth of cryptocurrencies was stolen due to hackers and network vulnerabilities in the first half of 2024, more than double the amount stolen during the same period last year. While the amount stolen this year is still more than a third less than the roughly $2 billion stolen in the first half of 2022, the trend remains concerning.
The massive hack, which included the theft of more than 4,500 bitcoins from DMM Bitcoin, accounted for 70% of the stolen funds. TRM Labs said the surge in thefts correlates with the rise in cryptocurrency prices over the past six months, with Bitcoin, Ethereum (ETH-USD), and despite the recent sell-off, Solana is up significantly year-to-date.
BTC Technical Analysis
According to TipRanks’ Bitcoin technical analysis tool, Bitcoin’s moving averages are pointing to a strong sell. In fact, Bitcoin’s 50-day exponential moving average is $63,760.83, but Bitcoin’s price is currently below this average, which is an important number that many traders pay attention to. When the price is below the moving average, it usually means that the market is in a downtrend.
